Why You Should Have Life Insurance
Life insurance is scary thing to think about but it is an essential part of financial planning.
Why you should have life insurance. If you have life insurance through your work you should still buy your own life insurance policy. Not everyone needs life insurance also known as life cover and death cover. People who have life insurance through their work.
If you own a home have debt have kids or own a business you should seriously consider life. But insurance payouts can actually provide a good supplement your savings. Even if you have life insurance through work you should give serious consideration to getting a private policy on the outside.
The reason you should never only rely on life insurance at work is that you could lose your job or decide to change jobs and once you do that you lose that life insurance policy. How much coverage should i buy. Life insurance allows those you leave behind to take care of any lingering financial responsibilities.
Ideally most young families should have over 1 million in life insurance to provide for the children if either parent should die prematurely. You know that should anything happen to you the life insurance you have purchased is in place to protect and provide financial relief for those who must carry on without you. But if your children partner or other relatives depend on your income to cover the mortgage or other living expenses then the answer is yes you probably do want life insurance since it will help provide for your family in the event of your death.
Life insurance is an expression of love and caring. There are a number of ways to save money for your child s education. To get life insurance you have to qualify by proving your identity financials and health there are other types of term insurance some have an increasing premium that eventually ends but the.
The face amount or death benefit of an insurance policy i e the amount of proceeds paid to the beneficiary should be high enough to replace the after tax income you would have earned had you lived a full life presuming you can afford the annual premiums for that amount. As the saying goes never have all of your eggs in one basket and that s absolutely true for life insurance. You may not have thought that a life insurance policy would be a viable option.
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